Tripoli, 23 January, 2013:
The UK government today, Wednesday, announced . . .[restrict]the EU lifting of the financial sanctions placed on the Organisation for Development of Administrative Centres (ODAC).
The move on ODAC’s assets follows an EU decision and amends part of the Council Regulation (EU) No 204/2011, taking effect from today.
ODAC had its assets frozen on 10 August 2011 for being an “entity acting on behalf of, or at the direction of, the Qaddafi Regime and a potential source of funding for the regime.” The document added that ODAC had “facilitated thousands of government-funded infrastructure projects.”
According to a UK Treasury document listing financial sanctions, updated yesterday, extensive asset freezes are still in place. On the list are 21 companies, including the Libyan Agricultural Bank, the Libyan Arab African Investment Company (LAAICO) and Ashton Global Investments Limited.
For some listed companies, including the Libya Africa Investment Portfolio and the Libyan Investment Authority, the asset freeze only applies to funds as of 16 September 2011 and there is “no prohibition on making funds available” to organisations.
There are also still 39 individuals on the asset freeze list, including Qaddafi family members and high-ranking officials from the old regime. [/restrict]